According to a recent business publication by IndustryARC, the global Synthetic Biology Market size was around $12.80 billion - $13.86 billion in 2018, and its value is projected to increment with a profitable CAGR of around 36% to 38% over the forecast period 2019-2025. The analyst of the report has pinpointed North America as the dominating region, which held a maximum share of around 41% to 43% among other regions in the synthetic biology market in 2018. Additionally, the biomedicine and healthcare industries hold major synthetic biology market shares and is estimated to increase with a progressive CAGR of around 40% to 45% during the forecast period 2019-2025.
Increased adoption of synthetic biology in pharmaceuticals, drug discovery, and therapeutics are stroking the growth of the biomedicine industry. Further, the healthcare industry is witnessing remarkable growth due to the enhanced production volume of medicines and wastage reduction during the manufacturing process of medical products by using the synthetic biology technology. This information is taken from the IndustryARC report titled “Synthetic Biology Market: By Tools (Xeno-Nucleic Acid, Chassis Organisms, Oligonucleotides, Cloning Technology Kits, Enzymes); By Technology (DNA Synthesis, DNA Sequencing, Computational Modelling); By Application (Environmental, Medical, Industrial); & By Geography- Forecast (2019-2025).”
Browse 64 Market Tables, 177 Figures spread through 153 slides and an in-depth TOC “Synthetic Biology Market (2019 - 2025)”
Synthetic Biology Market – Product Introduction:
Synthetic biology is an emerging technology which is gaining an intensified demand from the biological food & genetically modified crops to increase yields. It is used to increase the rate of natural fermentation of polymers, improve efficiency in bioprocessing of pharmaceuticals, fabrication process, and in developing bio-based products and services. Growing utilization of this technology in a wide range of potential applications that is from life sciences research to biofuel.
Additionally, significant development of synthetic biology in biofuels, biological components, DNA and bio-products are poised to escalate the growth of synthetic biology market in the near future. Synthetic biology involves redesigning of organisms to develop medicine through its better understanding of complex diseases, thus it leads to assist in developing new vaccines such as DNA vaccines and DNA-based gene therapy products to eliminate cancer. Advancing genetics and biological modeling systems are used to satisfy the significant requirement of improved drugs and vaccines.
Synthetic Biology Market Competitive Landscape:
Thermo Fisher Scientific, Gen Script, Integrated DNA Technologies, Inc., OriGene Technologies, Inc., ATUM, Synthetic Genomics, Inc., Pareto Biotechnologies, Inc., Blue Heron Biotech, and LLC are some of the major players operating in the synthetic biology market.
Thermo Fisher Scientific:
- The prominent synthetic biology market company is mainly focused in the development of advanced DNA fragments used for cloning and screening to enable the identification of the desired clone. This led to the increase in global demand for all Gene Art Strings DNA products for protein expression. PHC Holdings Corporation, a global innovator of healthcare solutions, acquired Thermo Fisher Scientific for an amount of $1.14 billion in January 2019. This acquisition mainly focused, to increase further production growth to solve complex analytical challenges, to improve patient diagnostics and to deliver medicines. On the other hand the move expands its business portfolio by offering value-added products and services across diabetes care, diagnostics, life sciences and healthcare to meet the demand in the synthetic biology market.
- In November, 2018 Thermo Fisher Scientific opens a new bioprocess design center in Shanghai. It is mainly established to collaborate and connect with biologic developers to design optimal bioprocessing solutions. These solutions are widely used to enhance the performance of synthetic biology in manufacturing biologic medicines.
- This firm provides gene synthesis services and offers solutions for synthetic biology, CRISPR genome editing and transcription activator-like effectors. In March, 2017 this organization officially signed a partnership agreement with the International Genetically Engineered Machine (IGEM) foundation to establish the synthetic biology research community in China to expand its global presence. In this deal GenScript supports the IGEM foundation, by empowering teams through its mentorship which enables the young scientists to solve real-world scientific and medical challenges, for further expansion in the synthetic biology community.
Widespread application of synthetic biology in numerous domains such as pharmaceuticals, petrochemicals, manufacturing, and agriculture is stroking the demand for the same. Growing demand for the biological food & genetically modified crops and declining prices of DNA sequencing and synthesis with advancing technologies are also expected to reflect positively on the global synthetic biology market.
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